Do you think paying my student loans while I am in school will give me a great credit score?

[Theearthisflat]

I have had a credit card for a couple of years now and my credit score is up to around 735 according to my credit card app. Do you think if I keep doing what I'm doing to get that score, along with making monthly payments to student loans now while I am still in school, will give me an excellent credit score in the next couple of years?

Updates

+1 y

thanks y'all. I will be getting a check from my school soon so I'll just put all of that into student loans. If I pay 150 a month, my current accrued debt will be paid off in the next 2/3 years. I'll have more debt by that point, if I get into a university, but hey! :)

[Anonymous]

So obtaining a credit score is a matter of playing a game. Too many hard inquiries into your credit score for such things as loans w in a two year period can hurt your credit score. Not by a lot, but it still does. If you have numerous inquiries into your credit report for a loan w in 14 days those inquiries count as one inquiry. Late payments also hurt your credit score as well. The length of your credit history also plays a part in your credit score. I have 9 credit cards, two of them have a balance less than $1000 total, the rest are zeroed out. So the reason I have 9 credit cards is to also help raise my credit score. Ideally you want to use 30% or less of your total available credit to help increase your score. Let’s say you have a credit card w a credit limit of $1000, which you’re using $500 of it right now. That’s over 30%, you’re technically using 50% of your available credit. Now if you got 4 more credit cards, each one having a $1000 limit, then you’d have $5000 in total as far as credit available. Now that $500 that is being used on the one credit card, instead of it being 50% it drops down to 10% of your total available credit being used. I have a total available credit on all 9 cards combined of $46,000. Since I have about a $1000 being used on two of my cards combined, I’m using about 2.5% of my total available credit. I hope that makes sense. I’m not saying to run out and get more credit cards, especially if you’re not good w finances.

[Guy13]

I am a landlord so I am going to share some "Approval" details with you. Medical Bills lower credit score, however, everyone has those. Student loans, repossessions, and charged off credit cards lowers score significantly. Students loans can knock you down 100 points which is often the difference between approve/denied for Rental.

Other credit agency concern is Income to Debt ratio. Unless you are coming out of school with 50,000 your ratio will be horrible. You do not need any other debt, including car loans, on your credit with student loans posted there. Ability to pay early is very helpful. Crediting systems pick these early effort and intent actions.

If you already have a credit car then pay in full every cycle. YOu should as that will likely be the only good credit showing upon graduation. Good luck with the student loans.

[exitseven]

Yes, having less debt will increase your score.

[Wise4myage]

Yes, it should help your credit score and even if it doesn't, its good practice on your part.